THE GOVERNMENT is now having to table revised pension laws after it botched new rules to determine contribution levels for the £300m Pension Protection Fund (PPF), says this morning's Daily Telegraph .
The draft legislation was tabled last Friday, but the DWP was forced to withdraw part of it due to "an unfortunate error" which originally stated hybrid pension schemes – which are part final salary and part money purchase – must pay levies for all their members. In reality, only members of collapsed final salary schemes qualify for compensation but the error would have forced around 7,200 pension funds to pay levies into the PPF on behalf of scheme members who are not eligible for protection from the rescue fund. EQUITABLE LIFE policyholders have stepped up their battle for compensat...
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